Accion’s Channels & Technology team hosted a webinar discussing the results of their Digital Field Application (DFA) Case Study, examining the business case, implementation process and effects for three MFBs around the world.

The biggest gaps to achieving financial inclusion in the country/industry in focus:

The biggest gaps to achieving financial inclusion that we see in channels and technology, on the part of MFIs, stem from a tendency to embark on new projects without a clear strategy or understanding of the business case for implementing digital financial services and alternative delivery channels (such as agent networks). This can limit the potential efficiency gains of such initiatives and perpetuates a cycle of low adoption (including internal staff buy-in as well as customer usage) and disappointing ROI.

Key action steps to advance financial inclusion:

We encourage financial institutions to examine our case studies and business case tool on the use of digital field applications, and above all, to foster debate and share learnings on the topic. DFAs have tremendous potential for MFIs to drive efficiencies and improve customer service, so we hope the conversation does not end here.

Quote(s) from the discussion:

For MFIs looking to stay relevant and competitive in a market increasingly crowded with new entrants, such as MNOs and fintechs, that disrupt old models and offer new value to customers, it is critical to foster a culture of innovation and agile development. For example, microfinance institutions are often sitting on a wealth of client data, but due to capacity constraints, are unable to take advantage of potential insights into consumer behavior and product usage patterns, which limits product design efforts and credit risk profiling. They have the data – they just need to figure out how to use it, in the best interests of their customers.

Please join the ongoing conversation on the blog post "New Case Study Provides Evidence on the Impact of Digital Field Applications" on the CFI blog.

Watch the webinar:

The Center for Financial Inclusion at Accion (CFI) is an action-oriented think tank dedicated to enabling 3 billion people underserved by the financial sector to improve their lives. CFI engages and challenges the financial inclusion industry to better serve, protect and empower clients through its insights, advocacy and stakeholder engagement.